Page 54 - 2007_2008_Annual_Report

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SIGA’s Governance Practices
Does SIGA Align?
NI 58-101F1, section 8 continued…
• Ensure Internal Audit’s independence through direct
communication with the Audit and Finance Committee,
review and approve the annual plans, accomplishments
and cost of the internal auditor and report to the Board
the nature of any matter from the internal auditor’s report
that remains unresolved.
• Review the quality of service and performance of the
internal auditor.
External Audit
• Represent the shareholders in all dealings with the
external auditors, recognizing that the external auditors
are accountable to the board members and the audit
committee as representatives of the shareholders.
• Recommend to the Board the appointment,
reappointment or dismissal of an external auditor.
• Establish the independence of the external auditor.
• Review the annual audited financial statements prior to
their submission to the Board for approval. This review shall
include an in-camera meeting with the external auditor/
Provincial Auditor.
• Review and recommend to the Board key financial
targets and the operating and capital budgets including
significant budget assumptions.
• Review and report to the Board monthly financial results,
including a comparison of actual to budgeted results with
reasons for significant variances and financial forecasts.
• Review and report to the Board periodically on operating
results (i.e., progress relative to the strategic plan and the
business plan).
• Review and report to the Board any changes in accounting
policies or significant transactions that impact the financial
• Oversee the Authority’s risk assessment and risk
management processes.
• Understand the Authority’s systems of internal control for
ensuring compliance with legal, ethical, code of conduct,
regulatory and financial reporting requirements, and
periodically review the adequacy of the systems with
both the external auditor and the internal auditor.
Ethics Advisory Committee
The Board has approved a mandate for the Ethics Advisory
Committee with core responsibilities for:
• Monitoring best practices in corporate ethics and annually
reviewing the Authority’s ethics policies, processes and
practices to ensure that the Authority continues to
exemplify high standards of corporate ethics.
• Annually receive and consider Directors’ and Senior
Managers’ Conflict of Interest Declaration Forms. When
necessary, make recommendations to the Board regarding
actual, potential and perceived conflicts of interest.
• When necessary, engage the Internal Auditor to undertake
investigations into allegations of wrongdoing. Make
appropriate recommendations to the Board and/or
President & CEO.